CSCO surges 80 cents after hours

During a conference call with analysts following better-than-expected fiscal Q4 results, Cisco Systems (CSCO) CEO John Chambers said the company made “solid progress” in the quarter toward “the next stage of growth and profitability.”

“We are well into the implementation of reducing our operating expenses by $1 billion on an annualized basis using Q4 FY ’11 as a base,” said Chambers.

Router sales in the quarter were down 2% at $1.7 billion, while switch sales fell 4% to $3.44 billion. New product revenue rose 7% to $3.46 billion, the “other” products category rose 31% to $295 million, and services revenue was up 12% at $2.27 billion.

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